Four reasons for the euro climb to a session high
There are no headline behind this jump in EUR/USD to 1.1618 from 1.1600.
It looks like it's a combination of things:
US dollar selling off on PPI
US dollar slumping on upbeat NAFTA talk from Guajardo (especially vs CAD)
Technical breaks/stops of 1.1600, the session high of 1.1605, yesterday's US high of 1.1613, the 55-dma at 1.1614
Here's the one-hour chart:
Perhaps the biggest driver is what the euro didn't do. There was a report earlier that the ECB is going to lower growth forecasts tomorrow. The euro didn't fall on that and the best indicator of a market that's going to rise is one that doesn't fall on bad news.
